Quote:
Originally Posted by XAlp
Is gap insurance only for cars bought on a finance package of some kind?
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No anyone can have it.
Guaranteed asset protection insurance to give its full name
Basically your insurance will give you trade in value for your car at current market value. This will leave a shortfall between what you paid and what you get. GAP will top up the difference to either your original invoice price or for a replacement like for like vehicle.
It's more important for financed vehicles as otherwise you would end up footing the difference if anything should happen to your car due to depreciation.